Annual information meeting 2018 news release

At its annual information meeting today, the Yukon Workers’ Compensation Health and Safety Board (YWCHSB) discussed its 2017 annual report, released its new strategic plan, and announced that it will release assessment rates earlier beginning this year to provide more timely information to Yukon employers.

YWCHSB’s 2017 annual report, which is available on its website at wcb.yk.ca/annualreport, recognizes a century of workers’ compensation in Yukon and looks forward to another 100 years of challenge and opportunity. While the claims system continued to see an increase in psychological injury claims last year, the occupational health and safety branch enhanced its prevention activities through partnership initiatives with organizations like the Klondike Placer Miners’ Association.

A renewed strategic plan re-establishes the Board’s commitment to working with its stakeholders, employers and workers to continue improving workplace health and safety in Yukon.

YWCHSB normally announces rates late in the year but in 2018 next year’s full suite of industry classifications and assessment rates will be announced before the end of August. These are the actual rates used to calculate the premiums that employers contribute to the compensation system. With the release of the full suite of assessment rates before the end of summer, Yukon employers will be better enabled to make their business and financial plans for the coming year.

Quotes

“The Yukon Workers’ Compensation Health and Safety Board is financially healthy and operating efficiently. We have experienced success with our continuing multi-year plan to bring the Compensation Fund closer to its target range so that assessment rates more accurately represent the cost of caring for workers who need to take advantage of the compensation system. As we advance into a new century, we are renewing our commitment to workplace safety and support for injured workers with a refreshed strategic plan.”

-Board of Directors Chair, Mark Pike

“We are viewing our second century with optimism, ready to continue serving employers, caring for injured workers, and working with our stakeholders in the health and safety interests of Yukon workplaces. The quality of our prevention and care efforts will continue to improve in emerging areas like mental health. And employers will appreciate the earlier release of assessment rates beginning this year because it will improve their financial and business planning abilities.”

-President/CEO, Kurt Dieckmann

Quick Facts

YWCHSB covered 23,280 workers in 2017, 1,220 more than in 2016.

There were 3,823 employers registered with YWCHSB in 2017, 119 more than in 2016.

YWCHSB accepted 1,043 injury claims in 2017, 55 more than in 2016.

YWCHSB received 36 psychological injury claims in 2017, 7 more than in 2016.

The lost-time injury rate continues to fall on average. It was down to 2.0 in 2017. Since 2007 the injury rate has decreased by 33%. This figure represents the number of workers compensated for wage loss arising from an injury out of a population of one hundred covered workers.

Claims costs were $25.6 million in 2017, an increase of $7.1 million over 2016.

The benefits liability increased to $151 million in 2017, an increase of $8 million over 2016. This figure is a measure of the future costs needed to fully care for every injured worker in the compensation system at the end of 2017.

The system’s funded position at the end of the year was 143%, down from 150% in 2016, and approaching its target range of between 121% and 129%.

Over the past seven years YWCHSB has distributed about $51 million in excess investment earnings to Yukon employers through rate reductions of $21 million and surplus distributions of $30 million.

YWCHSB directly reached over 3,000 young and new workers through its outreach and education efforts in 2017.